Welcome to Psychedelic Alpha.

Independent data-driven reporting, analysis and commentary on the psychedelics space: from business and drug development through to policy reform and culture.

Plus incubation, consultancy, and advisory for this emerging field. ∎

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Open access data on psychedelic policy reform, patents and drug development activity.

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Our latest insights

ARPA-H Launches $100M Effort to “Demystify” Mental Health and Catalyse Rapid-Acting Behavioural Health Therapeutics, Including Psychedelics

November 22, 2025

The Advanced Research Projects Agency for Health (ARPA-H) has carved out up to $100M for an initiative that aims to develop objective measures of mental and behavioural health, it announced today. Here, we take a closer look about ARPA-H’s first major foray into mental health, and how it could catalyse psychedelic drug development and practice.

Pα+ Psychedelic Bulletin #214: LSD Microdosing Program Collapses; AtaiBeckley’s Phase 2b Debrief; UK Government Responds to MPs’ Psilocybin-Related Questions

November 19, 2025

Largest LSD Microdosing Trial to Date Fails Across All Endpoints • AtaiBeckley’s Phase 2b Debrief: More Detail on SAE and Phase 3 Considerations • UK Government Holds Line on Psilocybin Despite New Cross-Party Written Questions • MAHA Summit Features Psychedelics • VA Reveals Phase 3 Psilocybin Study • Task Force Calls for Psilocybin Decrim • and more…

Beyond the Brain Reset: Óscar Soto on Mechanisms of Psychedelic Action

November 13, 2025

In this interview with Psychedelic Alpha’s Josh Hardman, psychiatrist, therapist and researcher Dr. Óscar Soto discusses psychedelic trial design, therapeutic fidelity, and the evolving role of subjective experience in psychedelics and psychiatry. He also shares his views from the field, with a particular focus on clinical trials of 5-MeO-DMT.

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Entrepreneurs and Startups

Whether you’re at the idea-formation stage or raising early-stage funding, we’re here to help across the entire psychedelic value chain and company life-cycle.

ADVISORY & CONSULTANCY

Investors and Corporates

We help investors and corporates of all stripes understand and support the psychedelics space: from syndicates and VCs through to institutions.

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Psychedelic Insiders and the Curious

Join our newsletter to stay abreast of the rapidly emergent psychedelics industry: from clinical trials and patents through to healing centres and decriminalisation.

The Psychedelic Renaissance

After a half-century of prohibition, psychedelics are once again entering the mainstream.

Today’s so-called “psychedelic renaissance” is represented by a seemingly exponential increase in research and development activity, billions of dollars of funding, psychedelic policy reform initiatives and successes across the world, and changing public perceptions. ∎

Clinical Trials

Clinical trials involving psychedelics started, per year

Phase 3 studies of several psychedelics are underway.

$5+ billion

Invested in public and private psychedelic companies since 2020.

Psychedelic policy reforms are gaining pace at the federal, state and local level in the U.S. and internationally.

80.9%

of psychiatrists agreed that psychedelics show promise in treating psychiatric disorders.

Barnett et al., 2023

On “Alpha”

‘Alpha’, in the investing world, refers to an excess return on investment relative to a benchmark. But we broaden the definition of alpha on both ends to include more than just economic returns on more than just economic investments.

Instead, we conceptualise alpha as the excess return on myriad investments that people may make in the present and future of psychedelics: beyond economic capital, people might invest time, energy, and effort, for example. And that excess return might not be (purely) financial, it might also be realised through a more impactful treatment paradigm for mental health, for example, where the ‘benchmark’ is the inadequate status quo.

All this to say, we’re not only for investors. In fact, most of our readers aren’t: many of them are practitioners, regulators, entrepreneurs, and so on. ∎